According to data from the Northern Illinois MLS, there were 126 sales of single family homes in 2007. The sales volume was down from 243 sales in 2006. Sales prices decreased with the average 2007 sales price at $257,116.00, compared to $262,527.00 in 2006. Marketing times were an average of 142 days on the market, up over the 2006 average of 82 days.

As of January 15, 2008 there are 169 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 16.09 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is a large oversupply.

To recap 2007 for detached homes, sales volume was down -48.14%, average sales prices were down -2.06%, and the days on the market were up +73.17%. This market is oversupplied and the 169 active listings have already been on the market an average of 163 days.

The condo/townhouse market had 239 sales down from the 370 properties that sold in 2006. Sales prices saw a slight increase with the average 2007 sales price at $173,528.00, compared to $171,122.00 in 2006. Marketing times were an average of 119 days on the market, up over the 2006 average of 83 days.

There are 189 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 9.49 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -35.40%, average sales prices were up +1.40%, and the days on the market were up +43.37%. The 189 active MLS listings have been on the market an average of 147 days.

Overall there is too much inventory for the demand, this points to long marketing times and lower prices in 2008.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Glendale Heights, Illinois 60139. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find a real estate appraiser in DuPage County contact Citywide 1-800-405-9718